Chinese Loan Platform Files for $100M U.S. IPO

Weidai Ltd., a title lender that provides small businesses with credit backed by auto loans, has filed for an initial public offering to raise $100 million, according to an SEC filing. Weidai is a peer-to-peer lender with an early-stage personal credit system wherein users can borrow from the platform with their automobiles as collateral. The site also […]

Investments in Public Auto Finance Companies Top $9 Billion

Institutional investors had combined shares valued at $9.4 billion in the handful of publicly traded auto finance companies, as of midyear, according to an Auto Finance News analysis of Securities and Exchange Commission filings. The SEC filings record the quarterly U.S. equity holdings of institutional investment managers with at least $100 million in equity assets […]

Auto Finance Excellence Awards Open for Nominations

Nominations have opened for the 2018 Auto Finance Excellence Awards, which have annually since 2005 recognized executives and companies that have made great contributions to auto lending and leasing in the past year. Among other accomplishments, executives or companies may be nominated for: notable acquisitions that have changed the auto finance landscape; innovations in capital market […]

Honor Finance’s ABS Downgrade Seems to Signal Market Contraction

Subprime auto lender Honor Finance’s 2016 ABS issuance is the first post-crisis downgrade — an indication that the industry’s contraction period is coming sooner than expected, Joe Cioffi, chair of the insolvency, creditors’ rights, and financial products practice group at Davis & Gilbert, told Auto Finance News today. “[The downgrade] is a reminder that ratings are […]

Auto ABS Volume Climbs 20% Bucking Expected Declines

Analysts at Kroll Bond Rating Agency Inc. were “surprised” to report increases in auto loan ABS issuances in June because they forecasted a contraction period, Brian Ford, the chartered financial analyst of structured finance research, told Auto Finance News. The rating agency reported a 20% year-over-year increase in both prime and nonprime auto loan issuances, […]

Honor Finance’s $100M ABS Downgraded as Executives Exit

S&P Global Credit Ratings has downgraded deep subprime auto lender Honor Finance’s 2016 ABS issuance because the riskiest bonds issued are “at risk of not being repaid,” according to the report. The latest downgrade highlights some challenges for the company including steep delinquencies and losses, as well as fast executive turnover. The president and co-founder […]

CPS Boosts Credit Quality in Latest Securitization

Consumer Portfolio Services this month issued its third securitization of the year backed by $168.8 million in auto loan receivables, and this latest issuance features “significant changes” from the company’s earlier notes, according to a pre-sale report from S&P Global Ratings. One of the most significant changes includes the addition of more of CPS’ high-credit […]
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